Thu, Jul 25, 8:10 PM (44 days ago)
Farmland Partners Inc. reported a net loss of $2.1 million for Q2 2024, a decline from a net income of $7.9 million in Q2 2023. Operating revenues decreased slightly by 1.2% to $11.4 million, driven by a 6.7% drop in rental income, partially offset by an 81.6% increase in crop sales. Operating expenses fell by 7.0% to $8.2 million, with significant reductions in depreciation and property operating expenses. General and administrative expenses rose by 28.7%, primarily due to a one-time severance expense of $1.4 million. Interest expense decreased by 10.2% to $5.2 million due to lower outstanding debt. The company’s liquidity remains stable with $5.7 million in cash and $158.1 million undrawn under credit lines. Future performance may be impacted by interest rate fluctuations and market conditions.